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10.06.2013 - Voice of CA Presents - Updates
Monday, June 10, 2013

I.  Direct Tax Case laws:

1.   Apollo Tyres Ltd Vs. DCIT, ITA No. 31/Coch/2010, Date of pronouncement: 29.05.2013, ITAT- Cochin

Decision: In favour of assessee
Section: 40(a)(ia) r.w. 201(1A) of Income Tax Act, 1961

Whether expenditure can be disallowed u/s 40(a)(ia) of the Act for short or lesser deduction of tax at source.

Held No,

Section 40(a)(ia) does not envisage a situation where there was short deduction/ lesser deduction as in case of section 201(1A) of the Act. There is an obvious omission to include short deduction / lesser deduction in section 40(a)(ia) of the Act. Therefore, in case of short / lesser deduction of tax, the entire expenditure whose genuineness was not doubted by AO cannot be disallowed.

(Please click here for judgment)

2.  Maruti Suzuki India Ltd. Vs. DCIT, WP(C) 8562/2007 & CM 16150/2007 & 17153/2007, Date of judgment: 13.05.2013, Delhi High Court

Decision: In favor of assessee
Section: 147  of Income Tax Act, 1961
Assessment Year: 2003- 04

Cases referred:
1.    CIT v. Usha International Ltd. 348 ITR 485 FB (DEL)
2.    Kalyanji Mavji and Co. v. CIT 102 ITR 287 (SC)
3.    A.L.A. Firm v. CIT 189 ITR 285 (SC)
4.    Indian and Eastern Newspaper Society v. CIT 119 ITR 996 (SC)

Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order.

Held No,

In the instant case, the assessee incurred certain losses on account of non- recovery of money and accordingly reduced from the income. The amount so written off was duly examined by the AO and no adjustment was made for it. Later, a notice u/s 148 was issued stating that said issue has not been examined earlier as not specified in the Assessment order. The Hon’ble High Court, considering the fact that the issue was examined as query was raised by AO, a notice for another examination cannot be issued, as it would amount to mere change of opinion and the appeal was dismissed accordingly.

(Please click here for judgment)


II. An Interesting Book:

[ Compiled by CA R. S. Kalra, and contributor is available at Mobile: 9888927000, Email: ]

"Steps to Smiles - Igniting the passion of living the life to the fullest" 

(Please click here)


III.  Tenders Info.:

  1. CA Firms for preparation of Annual Acounts
    Vallabhbhai Patel Chest Institute
    New Delhi
    (Click for detail)
  2.  CA Firms for Tax Consultancy
    Housing & Urban Development Corporation Ltd. (HUDCO)
    New Delhi
    (Click for detail)   
  3. CA Firms having experience of preparation of Fixed Assets Registers and physical verification of assets for switching to ERP
    Haryana Vidyut Prasaran Nigam Ltd.
    (Click for detail)


IV.  Headlines Today:

  1. Fin Min detects tax evasion of over Rs 4,500 cr  (Click for detail)
  2. Rupee hits lifetime low of 57.54 vs dollar  (Click for detail)
  3. FinMin: Panic in market about rupee 'unwarranted'  (Click for detail)
  4. ICAI: Treatment to be given to papers with different nomenclatures and marks spread over the entire duration of graduation/ post graduation course for the purpose of admission to the CA Course under Direct Entry Scheme  (Click for detail)



 Golden Rules:

"Power and Wealth are the Fruits of life,
but Family and Friends are the Roots of life.
One can somehow manage without the Fruits,
but never without the Roots


  Thanks & Regards


Voice of CA



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